GBPJPY in for a bearish move?
Hi traders,
Currently, we're hunting a short trade on the GBPJPY pair with a take profit level at the moment set to open but will keep close eye on price action initially at 146.310 level.
With the on going brexit issues, this trade can become a perfect swing trade far beyond 146.310 level, however we will let the prices dictate this.
If Price on AUDJPY holds and ranges at Current market price we shall see a pullback to the 87.75 level before it breaks much higher in this up trend. Otherwise if today closes higher than last weeks highest price then we can see a strong move to the upside.
AUDJPY is setting the bias for bullish nicely. We already have prices moving with Higher Highs and Higher lows forming with prices currently sitting at the trendline on H4. I would be keen to buy should I see a Higher high form and then a Higher Low(as drawn on H1), before I get a break of the Higher high on H1 (marked with an arrow) for my entry.
